Dedicated to Deposits: Deals, Data, and Discussion

4.08% 24-Month CD at NorthEast Community Bank in New York

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Update 2/27/09: The 4.08% 24-month CD is no longer listed at the bank's website.

NorthEast Community Bank is offering several competitive rates on its CDs. The most competitive is the 24-month CD which has an APY of 4.08%. Minimum deposit is $25,000. Other competitive CDs include a 2.79% APY 12-month CD and a 3.05% APY 18-month CD. The 12-month CD has a $1,000 minimum, and the 18-month has a $500 minimum. These rates are listed in the bank's CD rates table as of 2/26/09. The table has an effective date of 2/6/2009 so I doubt these will last much longer.

The bank does have an online application ("Open Your NECB Account" link on the left sidebar). The application makes it appear that people in any state can open a CD account. The application states that you "will receive a letter from one of our branches in 5 to 7 business days." It's not clear when the CD rate would lock. I've sent a message for more details.

A branch visit would probably be the best way to ensure you receive the posted CD rate before it drops. Branches are located in Manhattan, Brooklyn, Bronx and White Plains, New York.

This bank has very strong ratings for soundness and safety: 5 stars (superior) at Bankrate.com and 5 stars (superior) at BauerFinancial. It's very rare to see 5 stars at Bankrate. The bank has been FDIC insured since 1934 (FDIC Certificate # 29147).

  Tags: New York, CD rates, NorthEast Community Bank

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Comments
Comment #1 by Anonymous posted on
Anonymous
The 4% rate is gone from their site! Darn - I was planning on driving to WHite Plains on Saturday!

1